Global Power Tools market is projected to grow at a CAGR of 5.84% during 2023

Oct 09, 2023

Cordless power tools, Brushless motors, Smart technology, Internet of Things, Safety features are technological trends that are currently driving innovation in the power tools industry | Asia-Pacific region to register growth rate of 7.13% over the forecast period.

Clifton, New Jersey, May 10, 2023 (GLOBE NEWSWIRE) -- Power tools have been in high demand in recent years due to their increased demand, the growth of the construction industry, the expansion of the do-it-yourself (DIY) market, and the development of new technologies. Additionally, the development of new technologies in power tools, such as lithium-ion batteries and brushless motors, has made these tools more efficient and easier to use. The development of new technologies has made power tools more efficient, user-friendly, and versatile, leading to increased demand among professionals and DIY enthusiasts alike.

Key Takeaways:

Lithium-ion batteries have improved the performance of cordless power tools, making them more portable, longer-lasting, and faster to recharge.

Drilling and fastening power tools occupy 28.86% of the market due to their versatility, efficiency, precision, safety, and convenience. They are used in a wide range of applications, from construction and manufacturing to woodworking and DIY projects.

Electric power tools will remain the leading mode of operation with a 63.90% share in 2028 in industries where portability, ease of use, and lower maintenance requirements are important factors.

Drills, grinders, impact wrenches, sanders, saws, welding equipment, and pneumatic tools are widely used in industries to the extent of 59.64%.

Material removal power tools will grow at the highest CAGR of 7.07% for faster removal of materials by grinding, sanding, and polishing. Some specialized material removal power tools, such as angle grinders, rotary tools, and sanders, are in high demand.

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Brushless motors are more efficient than traditional brushed motors, providing more power, a longer lifespan, and less maintenance. These motors also offer better control and precision, making them ideal for use in high-precision applications. Lithium-ion batteries are lighter, smaller, and more powerful than their predecessors, which were typically based on nickel-cadmium or lead-acid technologies. Many modern power tools now feature digital displays and sensors that allow for better monitoring and control of performance. This has enabled professionals to work with greater accuracy and efficiency, reducing the time and costs associated with their work.

The power tool industry is highly competitive, with many established companies and new entrants vying for market share. Companies need to invest in research and development while balancing their pricing strategies with the need to maintain profitability. There is a growing demand for sustainable and eco-friendly products, which is a challenge for power tool companies that use energy-intensive manufacturing processes and produce products that consume energy. Power tool companies need to comply with various regulations related to product safety, environmental protection, and labor practices. Power tool companies are vulnerable to disruptions in their supply chains, such as shortages of raw materials or components, transportation delays, or natural disasters. "India is expected to become the third-largest market for power tools in the world by 2028 with an 8.89% share. The government's initiatives such as Housing for All, Smart Cities, and Make in India have boosted the demand for power tools in the country. The construction and manufacturing sectors are also expanding, which are the primary users of power tools. Several major power tool manufacturers have established their presence in India, including Bosch, Makita, and Stanley Black & Decker, which will drive the future growth of the power tools industry in India." says Mr. Dhwipal Shah, Research Director with Bonafide Research.

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Sawing and cutting power tools are widely used in the construction, manufacturing, and woodworking industries, occupying one-fourth of the tools segment. They complete tasks much faster than manual tools, saving time and increasing productivity. Some power saws, such as jigsaws and scroll saws, are designed for specialized cutting tasks that cannot be easily accomplished with manual tools. Cordless power saws and cutting tools are portable and easy to use, making them ideal for use in remote locations or areas without access to power outlets.

Routing power tools have limited use, with less than 5% share, with uses such as creating decorative edges, making joints, and cutting grooves in the woodworking, metalworking, plastic fabrication, sign-making, automotive, and construction industries. CNC routers are designed for specialized routing tasks, such as cutting intricate patterns or shaping three-dimensional objects. Demolition power tools can vary in size and power, from handheld tools like jackhammers and demolition hammers to larger equipment like excavators and bulldozers.

Hydraulic power tools may be more appropriate in certain situations where high power output and sustained use are required, such as in the construction or mining industries. As a result of which it has very little demand and application. Additionally, hydraulic power tools may be more suitable for heavy-duty applications where electric power tools would not be able to provide sufficient power or torque.

Pneumatic power tools require a separate air compressor to operate, which can be costly and may limit their portability. They require regular maintenance of the air compressor, air hoses, and fittings. Pneumatic power tools are generally noisier and not as powerful as electric or hydraulic power tools. They may not be as well-suited for heavy-duty applications or tasks that require higher levels of precision.

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The residential/DIY segment will have more applications for power tools than the industrial segment in future years, enabling growth at a CAGR of 6.20%. Some examples of power tools commonly used in the residential/DIY segment include drills, saws, sanders, and routers. These tools are often used for tasks such as drilling holes, cutting wood or other materials, sanding surfaces, and shaping edges. While power tools are also widely used in industrial settings for tasks such as manufacturing, construction, and maintenance, the types of tools and applications are often different than those used in residential or DIY settings. Industrial power tools may be larger and more specialized, and they are typically used for high-volume or heavy-duty tasks that require more power and precision.

The Asia-Pacific region is currently leading the global power tool industry with a 34.36% share. This is due to several factors, including the increasing demand for power tools in developing countries, the growth of the construction and manufacturing industries, and the presence of major power tool manufacturers in the region. Additionally, many global power tool manufacturers have established their presence in the Asia-Pacific region to take advantage of the growing demand and lower production costs. For example, companies such as Bosch, Hitachi Koki, and Hilti are some of the major players.

Europe has a long history of manufacturing and engineering expertise, which has enabled the development of high-quality and innovative power tools. Some of the major power tool manufacturers in Europe include Robert Bosch GmbH, Metabo, Festool, and DeWalt. These companies have a strong presence in the region and are known for their advanced technology, high-quality products, and commitment to sustainability. The construction and manufacturing sectors are major users of power tools in Europe. Additionally, there is a growing trend towards DIY and home improvement activities, which is also driving the demand for power tools in the residential sector. The European Union has also implemented regulations and standards to ensure the safety and quality of power tools sold in the region. For example, the Machinery Directive sets out requirements for the design and manufacture of machinery and equipment, including power tools, to ensure their safety for users.

The United States is one of the leading countries in the global power tool industry, with an 18.63% share. The country is home to several major power tools manufacturers, such as Stanley Black & Decker, Milwaukee Tool, and DeWalt. The construction and manufacturing sectors are major users of power tools in the US, with a growing demand for cordless tools and advanced technology. Additionally, the DIY and home improvement market in the US is also a significant consumer of power tools, driven by the popularity of home renovation and improvement projects.

The power tools industry in South America is a developing market with significant growth potential at a CAGR of 6.67% during 2023–2028. The construction and manufacturing sectors are significant users of power tools in South America. Additionally, the DIY and home improvement market in the region is also growing due to rising disposable incomes and an increasing interest in home renovation and improvement projects. However, the power tool industry in South America also faces challenges, such as a lack of infrastructure and inadequate access to financing for small and medium-sized enterprises. Additionally, the market is highly competitive, with several local and international players competing for market share. Tramontina is a Brazilian manufacturer of power tools known for its high-quality angle grinders, drills, and saws.

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The use of power tools in the Middle East and Africa region has been increasing in recent years due to the growing construction and manufacturing sectors and the expansion of the oil and gas industry in the region. Countries such as the United Arab Emirates (UAE), Saudi Arabia, and Qatar have seen a surge in construction activities, driven by the growing demand for infrastructure and real estate development. The manufacturing sector in the region is expanding to diversify the economy and reduce dependence on oil and gas. The oil and gas industry in the region is a significant user of power tools, particularly for drilling and material removal processes. AEG Power Tools is a German company with a strong presence in the Middle East and a manufacturing facility in the United Arab Emirates.

Considered in the Report

Geography: Global

Historical Year: 2017

Base year: 2022

Estimated year: 2023

Forecast year: 2028

Market Segmentation

Details

By Tools Type

Drilling and Fastening Tools

Demolition Tools

Sawing and Cutting Tools

Material Removal Tools

Routing Tools

Others

By Mode of Operation

Electric

Pneumatic

Others

By Application Type

Industrial

Residential/ DIY

By Region

North America

Europe

Asia Pacific

South America

Middle East & Africa

By Country

US, Canada, Mexico

United Kingdom, Germany, France, Italy, Spain, Russia

China, India, Japan, South Korea, Australia

Brazil, Columbia, Argentina,

Saudi Arabia, UAE, South Africa,

Company profiles

Robert Bosch Gmbh

Stanley Black & Decker, Inc

Hilti Corporation

Atlas Copco Ab

Makita Corporation

Emerson Electric Co

Koki Holdings Co, Ltd

Ingersoll Rand

Techtronic Industries Co Ltd

Enerpac Tool Group

Apex Tool Group, Llc

Snap-On Incorporated

Ferm

Festool Gmbh

Panasonic Corporation

Honeywell International Inc.

Kyocera Corporation

Husqvarna Ab

Chevron Group

3M

Other Market Details

Key Drivers & Key Challenges,

Market Trends and Developments,

Strategic Recommendations

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